South American Bitcoin mining is usually sold on one number: the price of a kilowatt-hour. Andres Romero's talk at Mining Disrupt Miami covered that number country by country, and then everything that sits around it: grid access, banking, taxes, imports and whether the facilities match what miners build in the US.
Romero spoke at the July 25–27, 2023 show as chief growth officer of Hash House, a hardware supplier founded in Shenzhen in 2017 that, he said, has supplied more than 500 megawatts of power distribution units, power supplies and cabling to mining facilities worldwide. He covered four countries where he had built farms himself or worked closely with operators: Paraguay and Brazil for miners on the grid, and Argentina and Colombia for those going off it.
Bitcoin was trading at $29,125 when he spoke; on October 11, 2026, it was $83,093. Several of the conditions he described depended on that moment, from Brazil's energy prices to Paraguay's dam agreement, so read the figures below as a 2023 snapshot. The conversation continues at Mining Disrupt 2027, March 22 to 24 in Irving, Texas.
The Hydro Giant: Why Paraguay's Itaipu Dam is Changing the Story
Paraguay emerged in Andres’s presentation as the standout candidate for on-grid mining in the region. He pointed to the country’s unique position, courtesy of the Itaipu Dam, which he described as the largest hydroelectric dam in the region by installed capacity and the third-largest in the world, sometimes even surpassing Three Gorges in annual generation depending on river flow. The key differentiator, however, was not just the volume of power, but the regulatory framework surrounding it. Andres emphasized that Paraguay had established a specific, public rate for the mining industry, creating a level of predictability rare in the region.
“it's currently the most attractive option with the fully regulated energy rate”
Andres Romero · 1:38
Paraguay has received miners since 2017, he said, and power for 220 kV and 66 kV connections was still under four cents per kilowatt-hour; at 23 kV it was 4.6 cents. Large operators, including well-known public companies, had been in the country for almost two years, and Bitfarms had just expanded there by another 150 megawatts.
The Brazilian Window: A Fleeting Opportunity in Energy Markets
Brazil presented a different, more volatile picture. Andres characterized the Brazilian market as having a specific, time-sensitive window of opportunity due to a recent decline in energy trading prices. He pointed out that prices had hit lows not seen in the previous six to seven years, making the market temporarily attractive for direct energy purchases. However, he cautioned that this was not a permanent state; in 2016 and 2017, mining in Brazil had been economically unviable due to high trading prices.
“we're talking about buying energy directly from the market”
Andres Romero · 4:13
Andres explained that operators could secure energy at below 30 dollars per megawatt-hour, noting that while other costs would push the total to around 31 to 32 dollars, the base price was historically low. This fleeting nature of the opportunity meant that infrastructure partners had to be selected with extreme care. He argued that the primary suggestion for anyone entering Brazil was to ensure their infrastructure partner was vetted and reliable, as the energy market's volatility could quickly erase margins if operational efficiencies were not maintained. Unlike Paraguay’s fixed regulatory rates, Brazil’s value proposition was tied to market fluctuations, requiring a more agile and informed approach to energy procurement.
Off-Grid Ambitions: Mining in Argentina and Colombia's Remote Corners
Moving away from the grid, Andres discussed the off-grid possibilities in Argentina and Colombia, where natural resources offered distinct advantages. In Argentina, he highlighted pilots run by major energy companies such as YPF and Pampa Energy, which had started with one-megawatt tests in 2021 and 2022 and were reportedly expanding to 100 megawatts. The focus here was on leveraging existing energy infrastructure for mining without the complexities of national grid interconnection.
Colombia was similar. It has gas in remote regions where a pipeline would be too costly to build, which makes those sites good candidates for mining. Several groups started pilots in 2022 and had operated for more than a year; Romero said he knew two companies running one-megawatt and three-megawatt sites, buying power at under three cents all-in. The catch is overhead: transport and logistics to those regions are expensive and unfamiliar to the industry. Small privately owned hydro dams can also be bought cheaply, he added, though running a dam brings its own costs.
The Banking Hurdle: Navigating Regulatory Friction in the Region
One of the most critical, yet often overlooked, hurdles in South American mining is banking. Andres candidly discussed the difficulties faced in Paraguay, where financial institutions were cautious about serving companies in the crypto industry. He noted that while it was possible to open bank accounts, the longevity of those accounts and the handling of international wire transfers were concerns, exacerbated by the fact that Paraguay had only two intermediary banks for such transactions.
“if they know we're in the crypto industry”
Andres Romero · 6:54
He referred to a specific entity with an operational sandbox for crypto exchanges in Paraguay, suggesting that while banks were cautious, there were pathways to maintain financial operations. In contrast, Brazil offered a more favorable banking environment. Andres stated that it was easier to work with banks there, with more available options and fully licensed exchanges operating in the country. This infrastructure made it simpler to exchange coins for fiat to cover daily operational needs. Argentina also had licensed exchanges, but it faced a specific regulatory headwind: a four percent tax on crypto mining activities in Buenos Aires, announced by tax authorities the previous year. This tax, while modest, added a layer of regulatory complexity that miners had to account for in their financial models.
Beyond the Stereotype: Proving South American Facilities Meet Global Standards
Romero closed on standards. He showed Bitfarms' facility in Villarrica, Paraguay, and asked the room whether, without being told where it was, they would place it in South America or agree it was built to US standards. He saw people nodding.
“would you guys agree that this is to the standards”
Andres Romero · 12:11
He also pointed to hurdles that remained: import valuations in Paraguay that do not always match what is declared, and contractors whose quoted timelines are rarely met, in South America or in the US. Hash House's answer at the show was a ready-to-deploy immersion cooling data center, co-developed with MicroBT, that holds 96 or 128 miners from the M56 series, shown at booth 75.